Most Gulf stock markets trade sideways, stabilise

Dubai's benchmark index closed at a five-month high, spurred by real estate-linked stocks.

National Central Cooling Co (Tabreed) touched a seven-week high, jumped 6.3 per cent. Meanwhile, Arabtec continued its upward trend, climbed 3 per cent. The shares are now up 67.3 per cent year-to-date. Arabtec accounted for nearly 40 per cent of all volume on the Dubai bourse.

However, the largest gainer on the bourse was Shuaa Capital, jumped 13.5 per cent. It hits a seven-week high ahead of its full-year results, which are due to be published on January 13.

Dubai's exchange rose 0.3 per cent to 1,487 points, up 9.5 per cent year-to-date.

"Overall, the market is in a wait-and-see phase. It's about accumulating and we're seeing the continuation of the upward pressure from the end of January," Marwan Shurrab, vice-president and chief trader at Gulfmena Investments, says.

Abu Dhabi shares headed for the biggest gain in a week amid speculation earnings at the emirate’s biggest real-estate companies will improve and they will benefit from infrastructure spending plans.

The Abu Dhabi index made slight gain, was up 0.1 per cent on the day to 2,467 points.

Aldar Properties and Sorouh Real Estate accounted for nearly 65 per cent of all shares traded on the exchange. They ended Thursday up 3.2 and 3.4 per cent respectively.

Bank stocks falter in Oman

The Oman index ended the week in marginally-negative territory, down 0.02 per cent at 1,967 points, with banks dragging.

Bank Muscat, the largest stock on the bourse by market capitalisation, fell 1.1 per cent, Bank Sohar dropped 1.3 per cent and Oman International Bank slipped 0.4 per cent.

Bucking the trend was Oman National Investment Corp , which rose to a four-week high, up 4.6 per cent.

Kuwait's index ends high

Kuwait index gained 0.2 per cent to 5,864 points, with volumes on the bourse just shy of their highest in 13 months.

Gulf Finance House was the most traded stock on the bourse, rose 7.1 per cent. The board of the sharia-compliant investment firm was due to meet on Thursday to discuss the 2011 results but the gathering was postponed until further notice earlier this week.

Qatar bourse traded near flat, ended Thursday down 0.01 per cent at 8,690 points.

Qatar Electricity and Water Co, which on Wednesday announced it had brought a stake in a Jordanian power plant, slipped 0.5 per cent.